Int'l Herald Tribune: Some Saw This Train Wreck Approaching

TW: Roubini has been prescient regarding the credit crisis, unfortunately. Some chickens are coming home to roost.

From IHT:
"On Sept. 7, 2006, Nouriel Roubini, an economics professor at New York University, stood before an audience of economists at the International Monetary Fund and announced that a crisis was brewing. In the coming months and years, he warned, the United States was likely to face a once-in-a-lifetime housing bust, an oil shock, sharply declining consumer confidence and, ultimately, a deep recession...When Jim Nussle, the White House budget director, announced last month that the United States had "avoided a recession," Roubini was incredulous...

Our biggest financiers are China, Russia and the Gulf states. These are rivals, not allies. The United States will most likely muddle through the crisis but will emerge from it a different nation, with a different place in the world. Once you run current-account deficits, you depend on the kindness of strangers"

http://www.iht.com/articles/2008/08/15/business/wbroubini.1.php